Variable Interest Entity Disclosure

3 Months Ended

Mar. 31, 2018

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entity Disclosure [Text Block]

19. Variable Interest Entities

We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be variable interest entities (“VIE”). We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands):

		March 31, 2018		December 31, 2017
Assets
	Net real property owned	$	993,156	$	1,002,137
	Cash and cash equivalents		16,871		12,308
	Receivables and other assets		17,198		16,330
	Total assets(1)	$	1,027,225	$	1,030,775
Liabilities and equity
	Secured debt	$	469,757	$	471,103
	Accrued expenses and other liabilities		16,501		14,832
	Redeemable noncontrolling interests		171,035		171,898
	Total equity		369,932		372,942
	Total liabilities and equity	$	1,027,225	$	1,030,775
(1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.